It would mainly be for disaster recovery. Also for upgrading complete hardware later, it would be easier to shift a VM rather than my current situation of bring a new DC online (2008) and then adding the roles of each DC and then decommissioning the old ones.
Yes, even under Hyper-V you can use 1 licence for Host and then up to 4 VMs per host. (Our licences are cheap anyway as its education, not that I like to waste money!)
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